I-COM | Part-1 | Principal of Accounting | Impotant MCQs | Chapter 01 | Part-6

I-COM | Part-1

Principal of Accounting

Chapter 1 : Introduction

Intermediate in Commerce | First Year

Multiple Choice Questions

PART-6

Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6

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Chapter 1 : Introduction

Question 51:

Claim of the outsiders against the assets of the business is called:
OR
The equity of creditors is known as:

Loan Creditor Liabilities Equity

Question 52:

Goods returned by customer is known as:

Purchase return Return outward Sales return None of these

Question 53:

Creditors are also called:

Account receivable Account payable Bill receivable Bill payable

Question 54:

The right and claims against asset are:

Capital Liabilities Equities Assets

Question 55:

The person who borrows money is called:

Creditor Debtor Agent Owner

Question 56:

Resources owned by the business:

Liabilities Assets Profit Capital

Question 57:

Discount allowed is ..... for business:

Revenue Income Asset Expense

Question 58:

Goods return to supplier is:

Sales return Goods return Purchases return All of these

Question 59:

The other name of purchases return is:

Retur outward Return inward Sale return None of these

Question 60:

The document issued for credit sales is:

Invoice Voucher Cash memo Price list

Quiz Results

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